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Outdoor LED Lighting Market Worth 21.95 Billion USD by 2023

The report"Outdoor LED Lighting Marketby Installation Type (New, Retrofit), End Use Application (Highways & Roadways, Architectural, Public Places), Offering (Hardware, Software & Services), Wattage Type, Region - Global Forecast to 2023", published by MarketsandMarkets, the outdoor LED lighting market is projected to reach USD 21.95 Billion by 2023, at a CAGR of 13.7% during the forecast period, 2017 to 2023.

The growth of the outdoor LED lighting market can be attributed to the increasing need for improving visibility and ensuring the safety of drivers, riders, and pedestrians as well as ongoing modernization and infrastructure development projects. Moreover, less energy consumption and cost-effectiveness of LED lighting are also contributing towards the growth of the outdoor LED lighting market across the globe.

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The new installation type segment is projected to lead the outdoor LED lighting market from 2017 to 2023 due to the installation of new-generation LED lamps and luminaires across the globe. Consumers prefer outdoor LED lighting for new installations, owing to various advantages offered by it, which include a long lifespan and reduced consumption of electricity. Although the cost of the outdoor LED lighting technology is high, its installation and maintenance costs are low.
The between 50W and 150W wattage type segment is projected to lead theoutdoor LED lightingmarket during the forecast period, 2017 to 2023.

The between 50W to 150W wattage type segment is projected to lead the outdoor LED lighting market during the forecast period. The growth of this segment of the market can be attributed to increased adoption of outdoor LED lighting across the globe due to its energy efficiency and low maintenance costs. LED lights and luminaires with a wattage range between 50W and 150W are widely used across highways & roadways.